Nazara Technologies founder Nitish Mittersain steps down as MD; Sacheti takes executive role

Nazara Technologies founder Nitish Mittersain has stepped down as managing director and will transition to the role of founder and non-executive director, as the Indian gaming company announces a series of leadership changes alongside new investment and financial restructuring decisions.

The company's board approved the changes at a meeting held on October 12, 2026, according to a stock exchange disclosure. Mittersain's redesignation takes effect from the close of business on October 12, subject to shareholder approval.

Mittersain, who founded Nazara in 1999, will move away from executive responsibilities but continue to provide strategic guidance. The company said it will draw on his industry experience, relationships and institutional knowledge to support its long-term growth and international expansion plans.

Meanwhile, CaratLane co-founder Mithun Padam Sacheti, who became a co-promoter of Nazara in 2025, has been redesignated from non-executive director to whole-time director and key managerial personnel, subject to shareholder approval.

Sacheti will serve as an executive director, overseeing strategic initiatives and operational responsibilities assigned by the company's board.

Leadership changes follow CEO transition

The latest restructuring comes weeks after Mittersain stepped down as CEO, following an announcement in August 2026.

He formally relinquished the CEO position at the close of business on September 15, with Raymond Albaladejo Stauffer, founder of Spain-based Bluetile Games, taking over on September 16.

Mittersain previously served as Nazara's CEO until 2015, before moving to the position of joint managing director when Manish Agarwal took over the role. He returned as CEO on December 1, 2022, following Agarwal's departure.

In another management change, Nazara has appointed Arun Agrawal as its new chief financial officer (CFO), effective October 16, replacing Rakesh Shah, who will step down on October 15 to pursue another professional opportunity.

Before joining Nazara, Agrawal served as global CFO at Ness Digital Engineering and previously held a senior finance position at Mastek.

The company also announced that whole-time director Rohit Sharma will leave his position with effect from January 11, 2027, to pursue entrepreneurial opportunities.

Nazara approves $77 million investment in UK subsidiary

Alongside the leadership changes, Nazara's board approved an investment of up to $77 million, approximately Rs 742.72 crore, in its wholly-owned subsidiary, Nazara Technologies UK Limited.

The funds will be used to finance the second tranche of acquisition consideration for Spain-based Bluetile Games and Bestplay Systems.

Nazara initially announced plans in March 2026 to acquire a 50% controlling stake in each company for a combined $100.3 million, approximately Rs 918 crore at the exchange rate used in the original announcement.

However, in August, it revised the transaction to acquire 100% ownership of both businesses for approximately $303.02 million, making it the company's largest acquisition.

Both businesses became wholly-owned subsidiaries of Nazara UK with effect from August 3, 2026. Nazara subsequently disclosed that an initial cash payment of $89.45 million had been made towards the acquisition consideration.

As part of its latest financial decisions, the company also allotted 2,38,81,711 equity shares at Rs 306 each on a preferential basis to five investors, for a total consideration of approximately Rs 730.78 crore.

The board further approved the conversion into equity of outstanding loans of up to Rs 129.35 crore extended to Smaaash Entertainment.

Separately, it approved the conversion of a £23 million loan, approximately Rs 294.4 crore, extended to Nazara UK into equity.

Focus on global gaming expansion

The leadership and financial decisions come as Nazara continues to expand its gaming portfolio and strengthen its presence in international markets.

The company is focusing on higher-margin gaming businesses as it seeks to build a global gaming platform spanning mobile, PC, console and offline gaming.

Its acquisitions of Bluetile Games and Bestplay Systems form part of that strategy, adding mobile gaming, game development, distribution and player engagement capabilities to its existing portfolio.